Pre-Market Brief

Good morning. Futures are moderately lower, with sp -6pts, we're set to open around 1507. The dollar is noticeably higher, +0.4% @ DXY 79.46, with the metals naturally lower. Factory orders data at 10am will probably be the excuse the market needs to pick a direction...and run with it.


sp'daily5

vix'daily3

Summary

So, we're likely to open a little lower, but we're still a good 5-7pts above the big 1500 level.

There is simply no power on the downside..yet.

Even a close <1500 would not entirely inspire me to believe that a retracement is underway, not least after last weeks teasing 2 day micro pull back.

*watch for those factory orders @ 10am.

good wishes for the week ahead